Jennifer and Ryan own a vacation home. During the year they rented the home for...
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Accounting
Jennifer and Ryan own a vacation home. During the year they rented the home for 100 days and used it for personal use 100 days. The following are income and expenses related to the property
Rental income $40,000
Mortgage interest $10,000
Property taxes $ 1,000
Depreciation $ 2,000
Repairs $ 2,000
Insurance $ 4,000
Maintenance $ 1,000
Utilities $ 6,000
Which of the three categories of vacation rental property would apply to this property and why? In which schedule Ryan and Jennifer must report the expenses of the house as rented property and what is the amount? Remember to present the procedure of how you obtained the results.
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